SPR Therapeutics, a med-tech startup based in Cleveland, announced that it had successfully raised $5 million in a Series A financing round. Funds from the financing round will be used to pursue commercialization of its pain relief technology.
Participants in the Series A round include Public Square Partners, NDI Healthcare Fund and other undisclosed investors.
Maria Bennett is the CEO and president of SPR Therapeutics. In prepared remarks, she said, “We will be conducting clinical studies in multiple pain indications, including post-operative joint pain, low back pain, and a pivotal trial to support FDA clearance for use of our Smartpatch system in treating our 1st indication, post-stroke shoulder pain.”
The company’s flagship product, the SPR System, is a minimally-invasive device that comprises the Smartpatch for shoulder pain relief and the Micropulse for long-term management of pain. The Smartpatch is expected to receive CE Mark clearance in the European Union in the upcoming months.
The company’s SPR technology uses a specialized external generator to stimulate peripheral nerves in the body. By stimulating different sets of peripheral nerves, physicians can help patients improve muscle tone and reduce pain. SPR Therapeutics’ Smartpatch technology is designed for up to one month of use.
In 2011, SPR Therapeutics won a $250,000 investment from the venture development group Jumpstart. Since the company was founded, it has received $10.7 million in total funding.